4th Apr 2016 05:51
LONDON (Alliance News) - Centrica PLC is in early talks over a tie-up with the oil and gas production arm of Engie, the French state-backed energy giant, the Sunday Times reported without saying where it got the information.
The report said that Centrica is "understood" to have hired investment bank JP Morgan for advice.
Engie and Centrica co-own Cygnus, one of the largest gas fields in the North Sea.
"A combination with Engie?s oil and gas arm, perhaps under a new joint venture vehicle, would allow both companies to reduce costs by cutting overlap and extracting better terms from suppliers. It is unclear whether a deal will be struck," the report said.
http://www.thesundaytimes.co.uk/sto/business/Companies/article1684372.ece
By Samuel Agini; [email protected]; @samuelagini
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